In a report released on November 8, Thomas Smith from Leerink Partners reiterated a Buy rating on MannKind (MNKD – Research Report), with a price target of $7.00.
Thomas Smith assigned a Buy rating to MannKind’s stock based on a series of factors including its strong financial results for the third quarter of 2023. Smith highlighted the continued momentum of MannKind’s partnership with UTHR for the launch of Tyvaso DPI, which is used in the treatment of pulmonary hypertension associated with interstitial lung disease. The launch saw a 6% quarter-over-quarter growth, primarily due to new patients and an increase in patient demand.
Another factor that influenced Smith’s rating is MannKind’s consistent sales execution with Afrezza, an inhaled insulin, which has benefited from the $35 insulin price cap implemented earlier in the year. This, along with progress with V-GO, led to the first profitable quarter for the Endocrine Business Unit. Smith also noted MannKind’s clinical progress across Afrezza trials and other early-stage assets, including MNKD-101 and MNKD-201 for the treatment of different lung diseases. He believes that the commercialization of Tyvaso DPI will be the main focus for investors and a major source of value for MannKind’s shares, with other assets and the early-stage pipeline providing additional and often overlooked value.
In another report released on November 8, H.C. Wainwright also reiterated a Buy rating on the stock with a $7.50 price target.
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MannKind (MNKD) Company Description:
MannKind Corp. is a biopharmaceutical company. It focuses on the discovery, development and, commercialization of therapeutic products for diseases, such as diabetes and cancer. The company was founded by Alfred E. Mann on February 14, 1991 and is headquartered in Westlake Village, CA.
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